republicans in the senate. karen travers has the latest development from capitol hill. >> don't start popping the champagne just yet but my knowledge step to avoid the fiscal cliff tonight. after days of intense negotiations, the white house and senate republicans reached a deal. tonight vice president biden went up to capitol hill to sell it to senate democrats. >> happy new year. >>reporter: biden swooped in at the 11th hour to hammer out an agreement. that would permanently extend the bush tax cut for individual making under 400,000. household making under 4 50,000. raise estate tax for those value at more than 5 million dollars. and extend unemployment benefits for one year for some two million people. those automatic spending cuts go into effect in the new year, they will be postponed for two months. and paid for by other spending cuts. the house could take up the deal tomorrow.